When you have been designated as an executor for either a loved one or an acquaintance, your job does not normally take effect until that person dies. Your primary goal at that time is to ensure the deceased person’s wishes, as spelled out in their Will, are completed.
This may include the distribution of the estate. Provided that the Will is not complicated, this task can be resolved quickly once probate has been granted. However, curveballs can appear, making the process more complicated, and as the executor, your responsibility is to get things right, or you may become personally liable.
That’s a lot to take on just to do a favour for someone else.
What Are the Roles of An Executor?
An executor has six main duties. They include:
- locating the deceased person’s Will
- acting in the best interests of the Will beneficiaries
- protecting the estate assets
- determining the estate assets/liabilities
- filing a grant of probate application
- distributing the estate assets after outstanding debts are paid
The Grant of Probate
As straightforward as the tasks of the executor may sound, the one that is the most important, and is often viewed as the most intimidating, is applying for probate. This may be because it must be done correctly to move the process along.
The grant of probate is required as it gives the executor of a Will the right to deal with the assets of the deceased. When probate has been granted, the executor will be issued a document verifying this. This gives them legal access to assets in financial institutions and the right to do whatever they are directed at doing in accordance with the deceased’s wishes outlined in their Will.
But there is more. Following the granting of probate, which comes from the Supreme Court, the executor has a protocol that must be followed precisely. It outlines the process of the estate administration, and this includes which notices must be published in print media. It also spells out how long the executor must wait from the time of publication to asset distribution. The purpose of a wait time is to protect the executor from potential liability.
What You Need to Apply for Probate
As the executor, your goal is to be granted probate. In other words, you are seeking legal permission from the courts to access the deceased person’s assets. Doing this requires an application for a grant of probate. The application package will need several important documents, including the original Will, a death certificate, and a variety of court forms. All of these are examined for accuracy before probate is granted.
The Wait for Probate
Provided the executor has filled out the application for a grant of probate correctly and included the proper documents, the process is not long. On average, it takes between six and eight weeks for the Supreme Court to examine the document package, verify the accuracy of the information, and grant probate. So, in terms of any legal action, the wait for a grant of probate is not very long at all.
Do You Need a Grant of Probate?
In Australia, a grant of probate is not always required for the distribution of assets process to begin. Essentially, it comes down to the size and complexity of the estate of the deceased is. Smaller, uncomplicated estates may not require probate. However, if you are the executor of a small estate, it may still be wise for you to apply for a grant of probate to protect yourself from potential legal issues.
If the estate is massive, includes several valuable assets, possibly located in many different geographic locations, and has countless beneficiaries, it just makes sense to seek probate. To be sure, it is always a good idea to seek legal advice to help guide you during what may be an emotionally difficult time.
For Advice from Wills and Estate Lawyers in North Brisbane, Contact GKS Law
Probate is a legal process that grants an executor access to a deceased person’s assets. For help in filing your application for a grant of probate, contact GKS Law today. They are your local wills and estate lawyers in Redcliffe. They can help you to learn more about the probate process in Australia.
In Conclusion
The role of an executor is serious. It carries a great deal of responsibility that must be conducted correctly or may lead to liability issues. The best way to avoid complications is to seek a grant of probate.